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33 » VISIT US ONLINE @ DSNEWS.COM INSTITUTIONAL INVESTOR SALE SHARE SINKS TO 4-YEAR LOW IN Q3 Institutional investor sales comprised 4.3 percent of all single-family residential home and condo sales in the third quarter of 2014, down from 5 percent in the second quarter and from 5.3 percent in Q 3 2013, according to RealtyTrac's Q 3 2014 Institutional Investor and Cash Sales Report released. e share of sales to institutional investors, which are defined as entities that purchase at least 10 properties in a calendar year, fell to its lowest level since the fourth quarter of 2010, according to RealtyTrac. "Institutional investors are still actively purchasing single-family rentals but continue to gravitate toward markets where lower-end inventory is still available," RealtyTrac VP Daren Blomquist said. "Meanwhile, there has been a recent surge in cash buyers in some markets, often coinciding with either a rebound in distressed sales attracting bargain-hunting cash buyers or a booming job market engendering a competitive bidding environment where cash is king." Despite the overall decline, eight states saw a year-over-year increase in share of institutional investor purchases in Q 3, led by Iowa, where the share jumped from 3.6 percent to 8.4 percent; Ohio, where the share increased to 5.9 percent in Q 3 from 4.1 percent in the same quarter last year; Maryland (4.4 percent in Q 3 2014 compared to Q 3 2013), and Florida (7.2 percent in Q 3 2014 compared to 6.4 percent in Q 3 2013), RealtyTrac reported. e metropolitan statistical areas (MSA) out of those with a population greater than 500,000 with the highest share of institutional investor purchases in Q 3 were Memphis, Tennessee (16.4 percent); Charlotte-Gastonia-Concord, North Carolina (14.2 percent); Columbus, Ohio (12.6 percent); Atlanta-Sandy Springs-Marietta, Georgia (12.5 percent); and Orlando, Florida (11 percent), according to RealtyTrac. Although Memphis had the highest share of institutional investor sales in Q 3 overall, the Memphis MSA was not among those areas with the largest year-over-year increase. In fact, the Memphis MSA declined year-over-year from 20.3 percent in Q 3 2013 down to 16.4 percent in Q 3 2014. e MSA that saw the largest year-over-year increase in share of institutional investor home purchases was Columbus, Ohio, where the share shot up from 4.5 percent in Q 3 2013 to 12.6 percent in Q 3 2014. Five states (Florida, Texas, California, Michigan, Georgia) accounted for 44 percent of all completed foreclosures for the 12-month period ending September 30, 2014, according to CoreLogic. KNOW THIS

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